THE INFLUENCE OF MACROECONOMIC VARIABLES ON THE INDONESIAN SHARIA STOCK INDEX PERIOD 2018 – 2022
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Abstract
Abstract
This study aims to examine the effect of inflation, exchange rates, the BI-7 day reverse repo rate, and world oil prices on ISSI. The research method used is a quantitative method. The samples used in this study were 12 companies registered with ISSI. The data analysis technique in this study used panel data regression with the stages of the Chow test and the Hausman test. As well as testing the hypothesis with the stages of the f test, t test, and the coefficient of determination (R2). The results of this study prove that inflation has a significant negative effect on ISSI. The exchange rate has no significant effect on ISSI. BI-7day reverse repo rate has a significant negative effect on ISSI. And world oil prices have a significant positive effect on ISSI. The conclusion is that simultaneously inflation, exchange rates, BI-7 day reverse repo rate, and world oil prices influence the ISSI for the 2018 - 2022 period.
Keywords: BI-7 day reverse repo rate, World oil prices, Indonesian sharia stock index, Inflation, Exchange rate
This study aims to examine the effect of inflation, exchange rates, the BI-7 day reverse repo rate, and world oil prices on ISSI. The research method used is a quantitative method. The samples used in this study were 12 companies registered with ISSI. The data analysis technique in this study used panel data regression with the stages of the Chow test and the Hausman test. As well as testing the hypothesis with the stages of the f test, t test, and the coefficient of determination (R2). The results of this study prove that inflation has a significant negative effect on ISSI. The exchange rate has no significant effect on ISSI. BI-7day reverse repo rate has a significant negative effect on ISSI. And world oil prices have a significant positive effect on ISSI. The conclusion is that simultaneously inflation, exchange rates, BI-7 day reverse repo rate, and world oil prices influence the ISSI for the 2018 - 2022 period.
Keywords: BI-7 day reverse repo rate, World oil prices, Indonesian sharia stock index, Inflation, Exchange rate
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THE INFLUENCE OF MACROECONOMIC VARIABLES ON THE INDONESIAN SHARIA STOCK INDEX PERIOD 2018 – 2022. (2023). I-Finance: A Research Journal on Islamic Finance, 9(2), 168-182. https://doi.org/10.19109/ifinance.v9i2.19404
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I-Finance by http://jurnal.radenfatah.ac.id/index.php/I-Finance is lincensed under a Creative Commons Attribution-ShareAlike 4.0 International Lisence.
How to Cite
THE INFLUENCE OF MACROECONOMIC VARIABLES ON THE INDONESIAN SHARIA STOCK INDEX PERIOD 2018 – 2022. (2023). I-Finance: A Research Journal on Islamic Finance, 9(2), 168-182. https://doi.org/10.19109/ifinance.v9i2.19404
References
REFERENCE
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Andriyani, V., & Budiman, S. A. (2021). Pengaruh harga minyak dunia, harga emas dunia, dan jumlah uang beredar terhadap indeks saham syariah Indonesia. SAKUNTALA, 1(1), 488–503. http://openjournal.unpam.ac.id/index.php/SAKUNTALA
Ardana, Y. (2016). Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah di Indonesia: Model ECM. Esensi: Jurnal Bisnis Dan Manajemen, 6(1), 17–28. https://doi.org/10.15408/ess.v6i1.3118
Arif, M. (2019). Pengaruh Inflasi BI Rate Sertifikat Bank Indonesia Syariah Dan Harga Minyak Dunia Terhada Pergerakan Indeks Saham Syariah Indonesia [Universitas Islam Negeri Ar-Raniry Banda Aceh]. https://repository.ar-raniry.ac.id/id/eprint/8456/1/Skripsi Muhammad Arif.pdf
Aulia, R., & Latief, A. (2020). Pengaruh Inflasi dan BI Rate terhadap Indeks Saham Syariah Indonesia (ISSI). Borneo Student Research, 1(3), 2140–2150. https://journals.umkt.ac.id/index.php/bsr/article/download/872/585
Ghozali, I. (2017). Analisis Multivariant dan Ekonometrika. Badan Penerbit Universitas Diponegoro.
Hidayah, M. (2017). Analisis Dampak Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia. Jurnal Ekonomi Syariah, 398–412.
Junaidi, A., Wibowo, M. G., & Hasni. (2021). Pengaruh Variabel Ekonomi Makro Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Tahun 2014-2019. Jurnal Ekonomi Dan Bisnis, 24(1), 17–29.
Kamal, M., Kasmawati, Rodi, Thamrin, H., & Iskandar. (2021). Pengaruh Tingkat Inflasi Dan Nilai Tukar (Kurs) Rupiah Terhadap Indeks Saham Syariah Indonesia (ISSI). Jurnal Tabarru’: Islamic Banking and Finance, 4(2), 521–531. https://doi.org/10.25299/jtb.2021.vol4(2).8310
Karnila, Rosydalina, & Dick. (2019). Pengaruh Inflasi Nilai Tukar Rupiah Dan Harga Emas Dunia Terhadap Indeks Harga Saham Pertambangan Pada Bursa Efek Indonesia (Periode Tahun 2016-2018). Jurnal Bisnis Darmajaya, 05(02), 90–113.
Maulana, A., Maris, Y., & Id, A. A. (2022). Pengaruh Inflasi, Nilai Tukar, Dan BI Rate Terhadap Indeks Saham Syariah Indonesia (ISSI). WORLDVIEW ( Jurnal Ekonomi Bisnis Dan Sosial Sains ), 1(1), 35–48. http://jurnal.uwp.ac.id/feb/index.php/ie/article/view/115
Muzahid, M., Prihatin, N., Lukman, & Fitria, R. (2022). Analisa Pengaruh Nilai Tukar, Inflasi, Suku Bunga, dan Sertifikat Bank Indonesia Syariah Terhadap Indeks Saham Syariah Indonesia. Jurnal Ekonomi Dan Bisnis, 24(2), 159–166.
Primadona, M. (2021). 済無No Title No Title No PENGARUH PERTUMBUHAN EKONOMI, INFLASI, DAN NILAI TUKAR TERHADAP INDEKS SAHAM SYARIAH INDONESIA (ISSI). Universitas Islam Negeri Sumatera Utara.
Rahmawati, F., & Baini, N. (2019). Dampak Variabel Makro Ekonomi Domestik dan Global Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Mei 2011--Mei 2019. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 4(2), 190. https://doi.org/10.31332/lifalah.v4i2.1473
Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap IHSG Dan JII Di Bursa Efek Indonesia. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 285. https://doi.org/10.32502/jab.v2i2.1180
Siregar, S. (2014). Statistik Parametik Untuk Penelitian Kuantitatif. Bumi Aksara.
Suciningtias, S. A., & Khoiroh, R. (2015). Analisis Dampak Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia. 2nd Conference in Business, Accounting, and Management, 2(1), 398–412.
Tia, I., & Dewi, R. S. (2018). Pengaruh Perubahan Bi Rate Menjadi Bi 7 Day Reverse Repo Rate Terhadap Jumlah Kredit UMKM. Jurnal Quality, 10(29), 67–76.
Tripuspitorini, F. A. (2021). Analisis Pengaruh Inflasi, Nilai Tukar Rupiah, dan BI-Rate Terhadap Harga Indeks Saham Syariah Indonesia. Jurnal Maps (Manajemen Perbankan Syariah), 4(2), 112–121. https://doi.org/10.32627/maps.v4i2.172
Agus, T., & Prawoto, N. (2017). Analisis Regresi Dalam Penelitian Ekonomi & Bisnis. PT. Raja Grafindo Persada.
Andriyani, V., & Budiman, S. A. (2021). Pengaruh harga minyak dunia, harga emas dunia, dan jumlah uang beredar terhadap indeks saham syariah Indonesia. SAKUNTALA, 1(1), 488–503. http://openjournal.unpam.ac.id/index.php/SAKUNTALA
Ardana, Y. (2016). Pengaruh Variabel Makroekonomi Terhadap Indeks Saham Syariah di Indonesia: Model ECM. Esensi: Jurnal Bisnis Dan Manajemen, 6(1), 17–28. https://doi.org/10.15408/ess.v6i1.3118
Arif, M. (2019). Pengaruh Inflasi BI Rate Sertifikat Bank Indonesia Syariah Dan Harga Minyak Dunia Terhada Pergerakan Indeks Saham Syariah Indonesia [Universitas Islam Negeri Ar-Raniry Banda Aceh]. https://repository.ar-raniry.ac.id/id/eprint/8456/1/Skripsi Muhammad Arif.pdf
Aulia, R., & Latief, A. (2020). Pengaruh Inflasi dan BI Rate terhadap Indeks Saham Syariah Indonesia (ISSI). Borneo Student Research, 1(3), 2140–2150. https://journals.umkt.ac.id/index.php/bsr/article/download/872/585
Ghozali, I. (2017). Analisis Multivariant dan Ekonometrika. Badan Penerbit Universitas Diponegoro.
Hidayah, M. (2017). Analisis Dampak Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia. Jurnal Ekonomi Syariah, 398–412.
Junaidi, A., Wibowo, M. G., & Hasni. (2021). Pengaruh Variabel Ekonomi Makro Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Tahun 2014-2019. Jurnal Ekonomi Dan Bisnis, 24(1), 17–29.
Kamal, M., Kasmawati, Rodi, Thamrin, H., & Iskandar. (2021). Pengaruh Tingkat Inflasi Dan Nilai Tukar (Kurs) Rupiah Terhadap Indeks Saham Syariah Indonesia (ISSI). Jurnal Tabarru’: Islamic Banking and Finance, 4(2), 521–531. https://doi.org/10.25299/jtb.2021.vol4(2).8310
Karnila, Rosydalina, & Dick. (2019). Pengaruh Inflasi Nilai Tukar Rupiah Dan Harga Emas Dunia Terhadap Indeks Harga Saham Pertambangan Pada Bursa Efek Indonesia (Periode Tahun 2016-2018). Jurnal Bisnis Darmajaya, 05(02), 90–113.
Maulana, A., Maris, Y., & Id, A. A. (2022). Pengaruh Inflasi, Nilai Tukar, Dan BI Rate Terhadap Indeks Saham Syariah Indonesia (ISSI). WORLDVIEW ( Jurnal Ekonomi Bisnis Dan Sosial Sains ), 1(1), 35–48. http://jurnal.uwp.ac.id/feb/index.php/ie/article/view/115
Muzahid, M., Prihatin, N., Lukman, & Fitria, R. (2022). Analisa Pengaruh Nilai Tukar, Inflasi, Suku Bunga, dan Sertifikat Bank Indonesia Syariah Terhadap Indeks Saham Syariah Indonesia. Jurnal Ekonomi Dan Bisnis, 24(2), 159–166.
Primadona, M. (2021). 済無No Title No Title No PENGARUH PERTUMBUHAN EKONOMI, INFLASI, DAN NILAI TUKAR TERHADAP INDEKS SAHAM SYARIAH INDONESIA (ISSI). Universitas Islam Negeri Sumatera Utara.
Rahmawati, F., & Baini, N. (2019). Dampak Variabel Makro Ekonomi Domestik dan Global Terhadap Indeks Saham Syariah Indonesia (ISSI) Periode Mei 2011--Mei 2019. Li Falah: Jurnal Studi Ekonomi Dan Bisnis Islam, 4(2), 190. https://doi.org/10.31332/lifalah.v4i2.1473
Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap IHSG Dan JII Di Bursa Efek Indonesia. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 285. https://doi.org/10.32502/jab.v2i2.1180
Siregar, S. (2014). Statistik Parametik Untuk Penelitian Kuantitatif. Bumi Aksara.
Suciningtias, S. A., & Khoiroh, R. (2015). Analisis Dampak Variabel Makro Ekonomi Terhadap Indeks Saham Syariah Indonesia. 2nd Conference in Business, Accounting, and Management, 2(1), 398–412.
Tia, I., & Dewi, R. S. (2018). Pengaruh Perubahan Bi Rate Menjadi Bi 7 Day Reverse Repo Rate Terhadap Jumlah Kredit UMKM. Jurnal Quality, 10(29), 67–76.
Tripuspitorini, F. A. (2021). Analisis Pengaruh Inflasi, Nilai Tukar Rupiah, dan BI-Rate Terhadap Harga Indeks Saham Syariah Indonesia. Jurnal Maps (Manajemen Perbankan Syariah), 4(2), 112–121. https://doi.org/10.32627/maps.v4i2.172